Power giant Korea Electric Power Corporation said on Monday it has won a $2.5 billion project to build, own and operate a power plant in Saudi Arabia, in a consortium with a Saudi company, ACWA.

The consortium will operate the oil-fueled power plant for 20 years until 2033, the Korean power giant said in a statement.

The company, together with ACWA  recently won the bid from Saudi Electric Company to develop and manage a 1,200-megawatt thermo-electric power plant in the country's western city of Rabigh until 2033, the company said.

Earlier in the month, the South Korean company also signed a tentative deal to build a $500-million nuclear power plant in Jordan.-TradeArabia News Service